Financial Settlements Overview

MCAG is pursuing multiple class action settlements related to the financial marketplace. Funds from these opportunities are in the billions. MCAG is poised to help your firm recover what is rightfully yours. Engage our team of experts now in order to take full advantage of this historic opportunity.


Foreign Exchange (FOREX) Benchmark Rates Antitrust Settlement - $2+ billion (and growing)

  • Several of the world’s largest banks have settled due to allegedly fixing prices and manipulating benchmark rates in the Foreign Exchange (FOREX or FX) market. This activity allegedly caused entities to pay inflated prices for FX Instruments.
  • Defendants are accused of conspiring to artificially widen bid-ask spreads, rig daily FX Benchmark Rates, and manipulate client orders.
  • Class settlement negotiations are being pursued with the remaining seven defendants and the settlement fund is expected to grow considerably.
  • Negotiations with defendants who have not yet settled will not delay the claims process for the $2 billion fund arranged with those defendants who have settled to date.
  • Claimant eligibility: Persons or entities who entered into an FX instrument directly (OTC transaction) or indirectly (Exchange-based transaction) anytime from Jan. 1, 2003 to Dec. 15, 2015. The deadline to file a claim has not yet been determined, but is expected to be announced in 2017.

ISDAfix Manipulation Settlement – $380.5 million (and growing)

  • Eight of fifteen large bank defendants have agreed to settle class action litigation alleging that banks colluded to rig the ISDAfix rate, a benchmark rate used to set pricing terms for interest rate swap transactions.
  • Class settlement negotiations are being pursued with the remaining seven defendants and the settlement fund is expected to grow considerably.
  • Claimant eligibility: Persons or entities who entered into, received or made payments on, terminated, transacted in, or held an ISDAfix instrument from Jan. 1, 2006 to Jan. 31, 2014.
  • Settlements are still pending and no claim deadline has been set.

LIBOR Manipulation Settlement – TBD (expected to be in the billions)

  • Over one dozen large banks are accused of conspiring to suppress LIBOR benchmark rates during the financial crisis. The manipulation is said to have been responsible for higher borrowing costs and lower investment yields.
  • LIBOR underpins hundreds of trillions of dollars in transactions each year. Therefore, the settlement fund is expected to be in the billions with widespread claimant eligibility.
  • Barclays Bank reached a preliminary settlement agreement for $120 million in late December 2016. Their settlement contains a vow to assist class members in their pursuit of settlements with other defendants.
  • Settlements are still pending and no claim deadline has been set.

Commodity Exchange Inc., Gold Futures and Options Trading Settlement - $60 million (and growing)

  • One of several large bank defendants has agreed to settle class action litigation alleging that members of the London Gold Market Fixing Ltd. regularly met in secret to conspire the fixing of Gold benchmark rates. Defendants are accused of collaborating and exchanging confidential information order to rig the rate to their own benefit.
  • Claimant eligibility: Persons or entities who sold any physical gold or financial derivative instruments where gold is the underlying reference asset and/or bought gold put options via OTC, COMEX, or any other exchange operated in the US from Jan. 1, 2004 to June 30, 2013.
  • Settlements are still pending and no claim deadline has been set.

London Silver Fixing Ltd., Antitrust Settlement - $38 million (and growing)

  • One of several large bank defendants has agreed to settle class action litigation alleging that the defendants colluded to fix the price of silver futures to ensure they received high returns as part of The London Silver Market Fixing Ltd.
  • Defendants are accused of publishing false prices, artificially suppressing rates, and sharing confidential information to gain an unfair advantage over the rest of the market.
  • Claimant eligibility: Persons or entities that transacted in US-Related Transactions in or on any OTC market or exchange in physical silver or in a derivative instrument in which silver is the underlying reference asset from Jan. 1, 1999 to Nov. 23, 2016.
  • Settlements are still pending and no claim deadline has been set.